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USDJPY: Bearishness Targets The 76.43 Level.

USDJPY: With a strong bearishness seen, further declines are now building up towards the 76.43 level, its 2011 low.On a decisive cut through that level, USDJPY will resume its long term downtrend and weaken further towards the 74.00 and 73.00 levels, all representing its psycho levels. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, a break and hold above the 81.27 level, its Jun 28’2011 high must be established to put its present downside vulnerability on hold and then aim at  the 82.21 level. Further resistance stands at the 83.27 level, its April 18’2011 high and subsequently the 85.49 level, its April’2011 high.